Traduction de «Realisable assets » (Anglais → Français) :

The Court accepts that the asset situation of a company may appear so complex that an accurate cross-border tracing of the destiny of all the items making up the company’s fixed and current assets until the unrealised capital gains incorporated into those assets are realised is almost impossible.

In order to preserve the necessary flexibility, while at the same time taking account of the best interests of investors, a feeder UCITS which has received assets through a transfer of assets in kind should be able to either transfer some or all of those assets to its master UCITS where the master UCITS so agrees, or to realise assets for cash in order to invest cash in the master UCITS.

Residents, on the other hand, are subject to the above progressive rates of taxation when the fixed assets remain within the possession of the taxpayer for less than one year, and to a rate of 15% when the assets are realised after one year of possession.

‘localisation of assets’ shall mean the existence of assets, whether movable or immovable, within a Member State but shall not be construed as involving a requirement that movable assets be deposited or that immovable assets be subjected to restrictive measures such as the registration of mortgages; assets represented by claims against debtors shall be regarded as situated in the Member State where they are realisable.

‘matching assets’ shall mean the representation of underwriting liabilities which can be required to be met in a particular currency by assets expressed or realisable in the same currency.

The other conditions imposed by the Commission are as follows: - no amendment may be made to the plan without the Commission's prior agreement; - Crédit Lyonnais will be permitted to repurchase hived-off industrial and commercial assets (compare the Usinor-Sacilor case) only at the price at which the assets were transferred to Consortium de Réalisations (CDR - see background below) or at the market price if that is higher than the price at which the assets were transferred to CDR; an overall limit of FF 5 billion has been set on such repurchases; - a clearer separation will have to be made between CDR and Crédit Lyonnais as regards th ...[+++]eir managers, their administration and the system of controlling and supervising the management of the hiving-off mechanism; steps must also be taken to ensure that the committees responsible for managing the hived-off companies remain independent of Crédit Lyonnais and that the bank has no share in the proceeds of CDR's sales; - Crédit Lyonnais will have to use the proceeds of sales to restructure non-performing assets and activities, thereby preventing it from reinvesting those proceeds in the repurchase of industrial or financial holdings; - Société de Participation Banque/Industries (SPBI - see background below) will receive not only the proceeds of the privatization of Crédit Lyonnais but also a substantial share of the bank's profits (in accordance with the "better fortunes" clause).